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Food Prices Record 42% Surge In 12 Months – NBS report

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Commodities displayed at Ipata Market in Ilorin lastweek Thursday. PC: Rukayat Abdulahi/ The Informant247

The National Bureau of Statistics in it figures has disclosed that selected food prices recorded an increase of 42 per cent in a year.

A new report titled “Selected Food Price Watch for the month of April 2022” showed that the average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 44.32 per cent, from N359.64 in April 2021 to N519.05 in April 2022.

According to NBS, the average price of 1kg of yam tuber on a year-on-year basis rose by 42.88 per cent, from the value recorded in April 2021 (N252.80) to N361.20 in April 2022.

NBS while revealing the data for month-on-month basis said it increased from N353.56 in March 2022 to N361.20 in April 2022, indicating 2.16 per cent growth.

In the same vein, the average price of palm oil (1 bottle) increased by 45.59 per cent, from N578.86 in April 2021 to N842.75 in April 2022. It also grew by 0.06 per cent on a month-on-month basis

The report also revealed that the average price of 1kg of plantain (unripe) rose by 38.66 per cent on a year-on-year basis, from N243.37 in April 2021 to N337.47 in April 2022. In addition, the average price of groundnut oil (bottle) stood at N1,007.68 in April 2022, showing an increase of 46.21 per cent from N689.19 in April 2021. On a month-on-month basis, it rose by 1.31 per cent from N994.62 in March 2022.